Indian equity benchmarks opened higher on Tuesday, rebounding from a seven-session losing streak, as positive global cues and bargain hunting lifted investor sentiment.

The Sensex opened higher at 77,548.00 from its previous close of 77,339.01 and has continued to gain momentum, trading at 78,145.14 as of 9.45 am, up by 806.13 points or 1.04 per cent.

Similarly, the Nifty opened at 23,529.55 against its previous close of 23,453.80 and is currently at 23,699.65, rising 245.85 points or 1.05 per cent.

The market recovery comes after the Nifty fell below its 200-day moving average for the first time in 19 months during the previous session.

“An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight. The momentum that drove the market to its record peak of 26,216 in September is gone,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Oil & Gas stocks led the gains, with ONGC rising 3.74 per cent, followed by BPCL at 3.01 per cent.

The retail sector saw strong buying with Trent advancing 3.35 per cent.

Auto stocks also performed well, with Mahindra & Mahindra gaining 2.84 per cent and Tata Motors up 2.28 per cent.

Insurance stocks faced selling pressure, with SBI Life declining 0.51 per cent and HDFC Life down 0.33 per cent. Other laggards included Bajaj Finserv (-0.49 per cent), Cipla (-0.36 per cent), and Kotak Mahindra Bank (-0.20 per cent).

Foreign Institutional Investors (FIIs) continued their selling spree for the 11th consecutive session in November, offloading equities worth ₹1,400 crore on November 18.

Since September 27, FIIs have pulled out approximately ₹1.25 lakh crore from Indian markets. However, Domestic Institutional Investors (DIIs) provided some support, purchasing equities worth ₹2,330 crore.

Global markets showed strength, with U.S. stocks ending mostly higher on Monday. “The Indian market is expected to open higher on Tuesday morning, mirroring cues from Wall Street, where stocks experienced an upswing due to bargain hunting after last week’s significant drop,” noted Ameya Ranadive, Sr Technical Analyst at StoxBox.

In commodities, crude oil prices saw significant movement after President Biden’s decision to allow Ukraine to use U.S.-supplied long-range missiles.

“Crude oil prices rose during a highly volatile session, driven by supply disruptions in Norway and escalating tensions between Russia and Ukraine,” reported Rahul Kalantri, VP Commodities at Mehta Equities.

Gold prices reached new highs, with Goldman Sachs projecting the precious metal to hit $3,000 per ounce by December 2025. “Gold and silver rallied on Monday, buoyed by heightened geopolitical tensions and dollar profit-taking,” Kalantri added.

Market analysts suggest the current recovery might face challenges. “With the close of the Q2 earnings season and ongoing selling by foreign institutional investors, the market will consolidate within a broad range without positive triggers,” Ranadive cautioned.

The markets will remain closed on November 20 for Maharashtra Assembly polls. Meanwhile, the ₹10,000 crore IPO of NTPC Green Energy opened for subscription today, adding another dimension to market activity.

India VIX, which measures market volatility, traded at 15.16, up 2.66 per cent from the previous session, indicating continued uncertainty in market sentiment.